EIB opens office in Czech Republic and signs loan for youth employment

Baku, February 23 AZERTAC

The European Investment Bank (EIB) Group today inaugurated its office in Prague in a ceremony attended by the First Deputy Prime Minister and Minister of Finance of the Czech Republic, Andrej Babiš, EU Commissioner Věra Jourová and representatives from the Czech business community and public sector, thus establishing a local presence in the Czech Republic. The Head of the EIB Office in Prague is Mrs. Hana Kaloudová.

According to EIB`s official website, The bank also signed a loan contract of EUR 95 million with Komerční Banka to finance projects developed by SMEs and Mid-Cap companies with the aim of supporting youth employment.

The contract signed today with Komerční Banka will help to improve the access of SMEs and Mid-Cap companies to long-term financing and improve the conditions for fighting youth unemployment. The EIB’s total lending commitment in the Czech Republic is EUR 18.4 billion.

Around 80% of the EUR 95 million loan to Komerční Banka will be allocated under the Jobs for Youth Initiative to support KB’s lending to those SMEs and Mid-Caps that contribute to youth employment by hiring people under the age of 29, offering vocational training programmes or internships or cooperating with a technical college, school or university.

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